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Stocks rise despite weaker-than-estimated jobs report

By Nick TaborekBloomberg News

Posted:
01/12/2014 12:01:00 AM MST

NEW YORK — U.S. stocks rose Friday, sending the Standard & Poor's 500 higher for the week, as a weaker-than-estimated jobs report eased concern that the Federal Reserve may accelerate the pace of stimulus cuts.

The S&P 500 rose 0.2 percent to 1,842.37, after falling as much as 0.3 percent earlier in the day. The benchmark index added 0.6 for the week, paring its drop in 2014 to 0.3 percent. The gauge climbed 30 percent last year, the most since 1997.

"This could actually be good news for the market," said Quincy Krosby, a market strategist for Newark, N.J.-based Prudential Financial. "If these numbers don't get revised upward, it will keep the Fed careful about wanting to taper too quickly."

The Fed, which meets Jan. 28-29, announced in December a reduction of $10 billion in its monthly bond-buying program to $75 billion, citing a recovery in the labor market.

"The markets have been priced for everything to go perfect," said Ron Florance, deputy chief investment officer for Wells Fargo Private Bank. "This number shows us that it's not going to be perfect. We're still on the trajectory of recovery, but I would expect heightened volatility."

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